Debt Free…..what a concept! With our Federal Government Debt now in excess of $12 trillion, is it realistic to think that the United States can ever be debt free again?
The short answer is “probably not”. The United States has had a national debt since the days of the Revolutionary War, with the exception of one brief period. In 1835, under President Andrew Jackson, the national debt was totally paid off, and for a brief period, the United States was debt free. But our federal government soon started borrowing money again, and we haven’t been debt free as a nation since then.
Our national debt is now so large, it’s probably not realistic to think we could ever pay it totally off. Rather than trying to be debt free, a more realistic goal is to get the national debt under control. Right now, with our federal government spending so much more money than it takes in, the national debt is growing at an uncontrollable pace.
The first goal should be to quit running budget deficits so we won’t keep adding to the national debt. Once we can start balancing our budget, we can then focus on reducing the national debt to a manageable level.
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